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2019 (7) TMI 745 - AT - Income TaxUnexplained credit u/s. 68 - addition of share premium being in excess of NAV - HELD THAT:- The AO had has accepted the share capital and part share premium and while arriving to the said conclusion he held that the net asset value as per equity share of assessee was ₹ 30.58 per share and, therefore, balance sum was brought as income u/s. 68. We further note that AO had invoked provision to section 68 and section 56(2)(viia) and (viib). But none of the provisions are applicable to the instant assessment year i.e. 2011-12 and infact they are applicable only for the assessment year 2013- 14. Keeping in view of the facts and circumstances of the case and respectfully following the aforesaid precedents including the ITAT, Mumbai decision in the case of ACIT vs. Goldmohur Design & Apparel Park Ltd. [2018 (9) TMI 525 - ITAT MUMBAI] and ACIT vs. Spectrum Coal and Power Ltd. [2018 (1) TMI 1032 - ITAT DELHI] in which various case laws of the Tribunal, as well as Hon’ble High Courts have been followed by the Tribunal, we are of the considered view that the addition in dispute on account of part share premium u/s. 68 which is not made in accordance with law and therefore, the same is hereby deleted. - Decided in favour of assessee
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